Remote Asset Monitoring Market by Component (Solutions, Services), Asset Type (Fixed Asset, Mobile Asset), Deployment Mode (On-premises, Cloud), End-use Industry, and Geography

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Remote Asset Monitoring Market by Component (Solutions, Services), Asset Type (Fixed Asset, Mobile Asset), Deployment Mode (On-premises, Cloud), End User, and Geography-Global Forecast to 2031.

The research report titled, 'Remote Asset Monitoring Market by Component (Solutions, Services), Asset Type (Fixed Asset, Mobile Asset), Deployment Mode (On-premises, Cloud), End User, and Geography-Global Forecast to 2031,' provides an in-depth analysis of the global remote asset monitoring market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The global remote asset monitoring market is projected to reach $106.1 billion by 2031, at a CAGR of 22.9% from 2024 to 2031.

The growth of the remote asset monitoring market is driven by the increasing adoption of IoT and connected devices to enable real-time data collection, monitoring, and analysis of assets, growing demand for predictive maintenance, and increasing requirements of companies to meet compliance obligations. However, increasing adoption of remote asset monitoring by various businesses to optimize their operations and reduce costs, increasing need for real-time visibility into asset performance and operational data, deployment of remote asset monitoring for improving safety & security measures, and easy scalability & adaptability to various industries and asset types are some of the factors which are expected to offer significant growth opportunities for players operating in the remote asset monitoring market. However, difficulty in managing & scaling remote monitoring of complex infrastructure and remote assets often located in areas with limited or unreliable connectivity may hinder the growth of this market.

The remote asset monitoring market is segmented based on component (solutions [asset location tracking, data analytics & reporting, condition monitoring, asset performance management, predictive maintenance, security and surveillance, satellite monitoring, fleet management, remote monitoring management, livestock monitoring, and other solutions], services [consulting, deployment, support & maintenance, and managed services]), asset type (fixed assets and mobile assets), deployment mode (on-premise and cloud-based), and end-use industry (commercial [healthcare, manufacturing, building automation, retail, energy & utilities, transportation, warehousing & logistics, logistics, chemicals, petroleum, oil & gas, public infrastructure, pharmaceutical, agriculture, and other commercial users], and individual). The study also evaluates industry competitors and analyzes the market at the regional & country levels.

Based on component, the remote asset monitoring market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global remote asset monitoring market. The large share of this segment is attributed to the growing demand for efficient asset management, predictive maintenance, and operational optimization. Organizations across industries recognize the value of real-time asset monitoring in reducing downtime, improving productivity, and maximizing the lifespan of assets. Continuous innovation by remote asset monitoring solution providers leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics to enhance the capabilities of remote asset monitoring systems are also supporting the market growth during the forecast period.

Based on asset type, the remote asset monitoring market is segmented into fixed assets and mobile assets. In 2024, the fixed assets segment is expected to account for the larger share of the global remote asset monitoring market. The large share of this segment is driven by the increasing need for optimizing performance and efficiencies of long-term tangible assets essential for business operations, such as machinery, equipment, vehicles, infrastructure, and facilities.

Monitoring & managing fixed assets remotely have become increasingly important for organizations across various industries. Manufacturing companies depend on remote asset monitoring to ensure optimal operation of production machinery and equipment, thereby enhancing efficiency. Energy and utility companies monitor fixed assets such as power plants, transmission lines, and substations to ensure a reliable energy supply.

Remote monitoring systems utilize GPS or other tracking technologies to provide real-time visibility & location tracking of assets. This enables transportation companies to know the exact whereabouts of their assets at any given time, helping optimize logistics and improve asset utilization. Even sectors like healthcare and retail utilize remote asset monitoring to track & manage fixed assets within their facilities.

Based on deployment mode, the remote asset monitoring market is segmented into on-premise and cloud-based. In 2024, the on-premise segment is expected to account for the largest share of the global remote asset monitoring market. Remote asset monitoring on-premise enables the implementation of predictive maintenance strategies. By analyzing asset data and identifying early signs of potential failures or deterioration, maintenance activities can be scheduled in advance, optimizing maintenance costs, and minimizing downtime.

While cloud-based solutions have gained traction in recent years, on-premise solutions remain vital, particularly in industries with specific requirements & concerns regarding data security, compliance, or connectivity. On-premises solutions involve deploying the necessary hardware, software, and infrastructure within the organization's premises to enable real-time asset monitoring and data analysis.

Based on end user, the remote asset monitoring market is segmented into commercial and individual end users. In 2024, the commercial segment is expected to account for the largest share of global remote asset monitoring. The manufacturing industry is one of the major commercial sectors increasingly adopting remote asset monitoring. The manufacturing industry can monitor their production lines, equipment, and machinery in real-time to ensure optimal performance, detect potential issues or failures, and schedule timely maintenance & repairs. This helps reduce downtime, increase operational efficiency, and improve productivity.

Based on geography, the remote asset monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia Pacific is expected to account for the largest share of global remote asset monitoring. The region's large share is propelled by the utilization of advanced technologies and connectivity for remote monitoring and management of assets, particularly prevalent in industries such as manufacturing, energy, transportation, and infrastructure. Several factors contribute to the rapid adoption of remote asset monitoring solutions in Asia-Pacific. The region has witnessed a tremendous increase in industrialization & infrastructure development, leading to a growing need for efficient asset management. Additionally, the Asia Pacific region is home to several emerging economies with a strong focus on digital transformation. Countries like China, India, and South Korea are investing heavily in Internet of Things (IoT), infrastructure and smart city initiatives, creating a conducive environment for remote asset monitoring solutions.

Key Players:

The key players operating in the remote asset monitoring market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), AT&T Inc. (U.S.), Schneider Electric SE (France), Hitachi Ltd (Japan), PTC Inc (U.S.), IBM Corporation (U.S.), Infosys Ltd (India), Rockwell Automation Inc (U.S.), Verizon Communications Inc. (U.S.), Robert Bosch GmbH (Germany), SAP SE (Germany), Vodafone Group plc (U.K.), RCS Technology (India), and General Electric Company (U.S.).

Key questions answered in the report-

Which are the high-growth market segments in terms of component, asset type, deployment mode, end-use industry, and geography?
What is the historical market size for remote asset monitoring systems?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, opportunities, and challenges in the remote asset monitoring market?
Who are the major players, and what shares do they hold in the remote asset monitoring market?
What is the competitive landscape like?
What are the recent key developments in the remote asset monitoring market?
What are the strategies adopted by major players in this market?
What are the key geographic trends and high-growth countries?

Scope of the Report:

Remote Asset Monitoring Market Assessment, by Component

Solutions
- Asset Location Tracking
- Data Analytics & Reporting
- Condition Monitoring
- Asset Performance Management
- Predictive Maintenance
- Security and Surveillance
- Satellite Monitoring
Fleet Management
- Remote Monitoring Management
- Livestock Monitoring
- Other Solutions
Services
- Consulting
- Deployment
- Support & Maintenance
- Managed Services

Remote Asset Monitoring Market Assessment, by Asset Type

Fixed Assets
Mobile Assets

Remote Asset Monitoring Market Assessment, by Deployment Mode

On-premise
Cloud-based

Remote Asset Monitoring Market Assessment, by End User

Commercial End Users
- Healthcare
- Manufacturing
- Building Automation
- Retail
- Energy & Utilities
- Transportation
- Warehousing & Logistics
- Logistics
- Chemicals
- Petroleum
- Oil & Gas
- Public Infrastructure
- Pharmaceutical
- Agriculture
- Others Commercial End Users
Individual End Users

Remote Asset Monitoring Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- Rest of Asia-Pacific
Latin America
Middle East & Africa

Product Code: MRICT - 104861

1. Introduction

1.1 Market Definition
1.2 Market Ecosystem
1.3 Currency and Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Process
2.2 Data Collection & Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Growth Forecast

3. Executive Summary

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Impact Analysis of Market Drivers, Restraints, Opportunities, and Challenges
4.3 Case Studies
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of Substitutes
- 4.4.4 Threat of New Entrants
- 4.4.5 Degree of Competition
4.5 Value Chain Analysis

5. Remote Asset Monitoring Market Assessment, by Component

5.1 Overview
5.2 Solutions
- 5.2.1 Asset Location Tracking
- 5.2.2 Data Analytics & Reporting
- 5.2.3 Condition Monitoring
- 5.2.4 Asset Performance Management
- 5.2.5 Predictive Maintenance
- 5.2.6 Security and Surveillance
- 5.2.7 Satellite Monitoring
- 5.2.8 Fleet Management
- 5.2.9 Remote Monitoring Management
- 5.2.10 Livestock Monitoring
- 5.2.11 Other Solutions
5.3 Services
- 5.3.1 Consulting
- 5.3.2 Deployment
- 5.3.3 Support & Maintenance
- 5.3.4 Managed Services

6. Remote Asset Monitoring Market Assessment, by Asset Type

6.1 Overview
6.2 Fixed Assets
6.3 Mobile Assets

7. Remote Asset Monitoring Market Assessment, by Deployment Mode

7.1 Overview
7.2 On-premise
7.3 Cloud-based

8. Remote Asset Monitoring Market Assessment, by End User

8.1 Overview
8.2 Commercial
- 8.2.1 Healthcare
- 8.2.2 Manufacturing
- 8.2.3 Building Automation
- 8.2.4 Retail
- 8.2.5 Energy & Utilities
- 8.2.6 Transportation
- 8.2.7 Warehousing & Logistics
- 8.2.8 Logistics
- 8.2.9 Chemicals
- 8.2.10 Petroleum
- 8.2.11 Oil & Gas
- 8.2.12 Public Infrastructure
- 8.2.13 Pharmaceutical
- 8.2.14 Agriculture
- 8.2.15 Other Commercial Users
8.3 Individual

9. Remote Asset Monitoring Market Assessment, by Geography

9.1 Overview
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 U.K.
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
9.4 Asia-Pacific
- 9.4.1 China
- 9.4.2 Japan
- 9.4.3 India
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Indonesia
- 9.4.7 Malaysia
- 9.4.8 Rest of Asia-Pacific
9.5 Latin America
9.6 Middle East & Africa

10. Competition Analysis

10.1 Overview
10.2 Key Growth Strategies
- 10.2.1 Market Differentiators
- 10.2.2 Synergy Analysis: Major Deals & Strategic Alliances
10.3 Competitive Dashboard
- 10.3.1 Industry Leaders
- 10.3.2 Market Differentiators
- 10.3.3 Vanguards
- 10.3.4 Emerging Companies
10.4 Vendor Market Positioning
10.5 Market Share Analysis (2022)

11. Company Profiles (Company Overview, Financial Overview, SWOT Analysis for the Top 5 Companies, Product Portfolio, and Strategic Developments)

11.1 Cisco Systems, Inc. (U.S.)
11.2 Siemens AG (Germany)
11.3 AT&T Inc. (U.S.)
11.4 Schneider Electric SE (France)
11.5 Hitachi Ltd (Japan)
11.6 PTC Inc (U.S.)
11.7 IBM Corporation (U.S.)
11.8 Infosys Ltd (India)
11.9 Rockwell Automation Inc (U.S.)
11.10 Verizon Communications Inc. (U.S.)
11.11 Robert Bosch GmbH (Germany).
11.12 SAP SE (Germany)
11.13 Vodafone Group plc (U.K.)
11.14 RCS Technology (India)
11.15 General Electric Company (U.S.)

12. Appendix

12.1 Related Reports
12.2 Available Customizations